Nexus may buy Kolkata mall for up to ₹600 crore

Nexus Select Trust, a Blackstone-backed retail real estate investment trust (Reit), is in advanced talks to buy Kolkata’s Diamond Plaza for an estimated ₹500-600 crore, adding to its existing portfolio of 19 malls, according to two people familiar with the developer's plans.

- Suneera Tandon & Madhurima Nandy

The move is linked to the company’s focus on the organized and branded consumption segment, where per capita usage still remains low, one of the people quoted earlier said, speaking on the condition of anonymity. “They feel there is a market retail penetration per capita very low and they are trying to bridge that gap.”

The gap between demand for mall space and available supply widened for a third straight year in 2024. According to data by Anarock Research, 6.5 million sq. ft was leased against a new supply of 1.1 million sq. ft That reduced vacancies and pushed rentals higher as brands target affluent shoppers seeking premium experiences. The property consultant estimates that over 16.6 million sq. ft of new grade A mall space will enter the top seven cities during 2025 and 2026.